Greece's PPC wants deadline for coal power plant bids extended to Feb

The deadline has been repeatedly pushed back. In the latest move, the European Commission approved an extension to Jan. 7 from Dec. 15 and completion of the divestment by Jan. 15, an energy ministry official said.REUTERS | December 18, 2018, 07:53 IST

New Delhi: Greece's Public Power Corp. (PPC) wants to give investors until February to submit binding bids to buy three existing coal-fired power plants and obtain a licence for a new one, the chief executive said on Monday, pushing for another delay.

The deadline has been repeatedly pushed back. In the latest move, the European Commission approved an extension to Jan. 7 from Dec. 15 and completion of the divestment by Jan. 15, an energy ministry official said.

The sale, part of Greece's third international bailout, is being handled by PPC, which is 51 percent state-owned. The EU Commission is overseeing the process.

Six investors have been shortlisted to make binding offers.

PPC Chief Executive Officer Manolis Panagiotakis said his company had previously requested the deadline be extended to February, saying this was needed to ensure bidders had all the necessary information to make their offers.

"Our request for a deadline extension to February - I say this categorically - is still valid," Panagiotakis said on the sidelines of a shareholders meeting.

He said an extension was needed so the European Commision had time to make a decision on whether the plants under sale would be financially rewarded for making capacity available.

He also said Greece needed more time to make a final estimate on the amount of coal to be used for future power generation in a national energy plan now under public consultation.

Panagiotakis said this information was significant for investors to make a final offer for the plants.

Greece agreed to the sale of the plants after a European court ruled PPC had abused its dominant position in the coal market.